Smart transportation market categorizes the global market by solution type as smart ticketing, parking management, passenger information, traffic management, integrated supervision, and insurance telematics, by service, and by region.
Seattle, WA -- (SBWIRE) -- 06/16/2017 -- According to a new market research report "Smart Transportation Market by Solution Type (Smart Ticketing, Parking Management, Passenger Information, Traffic Management, Integrated Supervision, and Insurance Telematics), Service, and Region - Global Forecast to 2021", published by MarketsandMarkets™, the smart transportation market size is expected to grow from USD 72.05 Billion in 2016 to USD 220.76 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 25.1% during the period 2016–2021.
The major drivers for an upsurge in demand for the smart transportation market include rising demand of integrated security & safety for enhancing public safety and government initiative to incorporate smart technologies in the existing transportation infrastructure.
Smart ticketing segment is expected to grow at the highest CAGR during the forecast period
The smart ticketing segment is expected to grow at the highest CAGR during the forecast period. Smart ticketing integrates online ticketing, onboard ticketing, smart card ticketing, and mobile application ticketing. Smart ticketing solutions enable transport agencies to provide better service to their customers and also minimize fund leakage & fare avoidance situations. Smart ticketing provides a great ticket booking flexibility to the traveler and also helps the transit agencies to resolve the issue of ticket booking bottleneck during peak hours. Increasing mobile phone penetration and demand for digital payment would drive the smart ticketing solution segment in the smart transportation market.
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Deployment and integration services segment is expected to grow at the highest CAGR during the forecast period
The deployment and integration services segment is expected to have the largest market share and projected to grow at the highest CAGR during the forecast period. Deployment and integration service helps in reducing the deployment and integration time. This service is crucial for developing end-to-end traffic management, ticketing, passenger, and parking management system solutions for the smart transportation market. The increasing requirement for upgrading the existing transport infrastructure to support various smart solutions would drive the deployment and integration services segment in the smart transportation market.
Europe is expected to hold the largest market share in the smart transportation market
As per the geographic analysis, Europe is expected to benefit from its rapid digitization across verticals. Increasing adoption of smart connected devices and technological advancements, followed by a robust network infrastructure and strong government vision toward smart transportation is expected to drive continuous growth in the smart transportation market. Furthermore, Europe is witnessing a large number of investments in the smart transportation sector. This is expected to upsurge the smart transportation market in the upcoming years.
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The major vendors covered in the smart transportation market for this study include Alstom SA (Levallois-Perret, France), Cisco Systems, Inc. (California, U.S.), Cubic Corporation (California, U.S.), General Electric Company (Massachusetts, U.S), IBM Corporation (New York, U.S.), Indra Sistemas S.A. (Madrid, Spain), Kapsch TrafficCom AG (Vienna, Austria), LG CNS Co. Ltd. (Seoul, South Korea), Q-Free ASA (Trondheim, Norway), Siemens AG (Munich, Germany), Thales Group (La Defense, France), TomTom International B.V. (Amsterdam, Netherlands), and WS Atkins (Epsom, U.K.)
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